Biden prohibits U.S. investment in 59 Chinese companies allegedly tied to military, surveillance

President Joe Biden on Thursday expanded restrictions on American investments in certain Chinese companies with alleged ties to the country’s military and surveillance efforts, adding more firms to a growing blacklist.

In an executive order, Biden barred U.S. investors from financial interests in 59 Chinese companies over fears of their links to the Chinese government’s geopolitical ambitions, continuing some portions of the tough tack former President Donald Trump took in discussions with Beijing.

“This E.O. allows the United States to prohibit – in a targeted and scoped manner – U.S. investments in Chinese companies that undermine the security or democratic values of the United States and our allies,” the White House said in a press release.